SOUTHBOROUGH, Mass. – RxAdvance, a full service pharmacy benefits management company, announced Oscar Salazar, co-founder of Uber, and Walter Jin, founder of Carlyle Healthcare Group, have invested in Series-A funding round and joined the RxAdvance board.
“Our goal is to leverage disruptive technology and world-class design to reinvent healthcare and deliver cost savings and efficiencies,” stated Salazar. “We are proud to join the RxAdvance board, as its accountable drug benefit management practice and risk-sharing business models are timely in this antiquated industry and are perfectly aligned with the healthcare investments in which we are involved.”
“In the recent years, several successful Silicon Valley entrepreneurs and blue chip companies have entered the healthcare vertical to disrupt and transform, in vain. This lack of success can be attributed to the absence of substantial business and revenue models, disruptive service offerings and a proven track record in the complex healthcare eco-system,” commented John Sculley, former Apple CEO and vice chairman of RxAdvance. “What impressed me about Ravi and his team at RxAdvance is that they have all the essential components for success – a widely proven and successful revenue model, a solid platform and innovative thinking, a proven track record and deep healthcare domain expertise capable of disrupting traditional paradigms throughout the care continuum,” he said. “Through its innovative Collaborative PBM Cloud, RxAdvance is challenging large incumbent PBMs by disrupting their decades-old business and revenue models, and their risk-sharing models are unheard of in the PBM market.”
Salazar is a co-founder of Pager, an innovative on-demand healthcare service that utilizes a mobile patient engagement platform to connect patients with the right type of care. Prior to Pager, Oscar was a founding partner and chief technology officer of Uber.
Jin was the co-founder of The Healthcare Group at The Carlyle Group. Walter currently serves as the executive chairman of Pager and has more than 20 years of investment and operational experience in the healthcare sector. Walter is the co-founder of Three Fields Capital and Pacific Healthcare Management, which manage a portfolio of private equity and venture capital healthcare investments. Walter is a graduate of Harvard University and currently serves as an Executive in Residence at Johns Hopkins Medicine and an Innovation Fellows Technical Advisor to the U.S. Department of Health and Human Services.
“We are honored to have two of the leading minds in disruptive technology and business as our investment partners and board members,” added Ravi Ika, president and CEO RxAdvance. “We at RxAdvance feel that their high-tech experience and guidance will help to transform the $770 billion PBM and associated avoidable drug-impacted medical spend that is long overdue for innovation.”